Units sold at C$0.70 through agents Euro Pacific and Jacob Securities
By Devika Patel
Knoxville, Tenn., Jan. 2 – Electrovaya Inc. said on Dec. 31 that it raised about C$2 million in the first and second tranches of a private placement of units on Dec. 24.
The company is selling units of one common share and one warrant at C$0.70 per unit.
The three-year warrants are each exercisable at C$1.05. The strike price is an 11.7% premium to the Dec. 23 closing share price of C$0.94.
Euro Pacific Canada Inc. and Jacob Securities Inc. are the co-lead agents for the deal, which is being conducted on a best-efforts basis.
Settlement of the final tranche, if there is one, is expected on Jan. 22.
Proceeds will be used for general corporate purposes.
The Mississauga, Ont., company designs, develops and manufactures advanced battery and battery systems for the transportation, electric grid stationary storage and mobile computing end-markets.
| Issuer: | Electrovaya Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$2 million (approximate)
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| Price: | C$0.70
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$1.05
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| Agent: | Euro Pacific Canada Inc. and Jacob Securities Inc. (co-leads)
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| Announcement date: | Dec. 31
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| Settlement date: | Dec. 24 (for about C$2 million), Jan. 22
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| Stock symbol: | Toronto: EFL
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| Stock price: | C$0.94 at close Dec. 23
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| Market capitalization: | C$52.6 million
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